“Joker: Folie à Deux” leaves Hollywood in need of a box office win

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Conway Gittens: I’m Conway Gittens, reporting from the New York Stock Exchange. Here’s what we’re watching today on TheStreet.

The stock took a break on Monday after posting four straight weekly gains. Higher bond yields and oil prices weighed on sentiment. Middle East tensions and a rethink of how quickly the Federal Reserve will cut interest rates were also factors. In addition, investors are also preparing for the start of earnings season.

On Tuesday, Pepsi will kick things off with its quarterly results. Wall Street will also be watching Amazon’s two-day Prime sales event.

Related: ‘Deadpool and Wolverine’ Makes Box Office History

In other business headlines: Hollywood is licking its wounds after a high-profile flop. “Joker: Folie a Deux” aired in its box office debut. The film, with Joaquin Phoenix reprising the role that won him the Oscar for best actor in 2020, grossed just $40 million in its opening weekend. The first Joker earned $96 million in its debut in 2019. It went on to amass $1 billion in global sales and earned 11 Oscar nominations.

This Joker update cost considerably more than its predecessor. The price came to about $200 million, not including marketing expenses. In comparison, the original “Joker” only cost $55 million.

The failure of “Joker: Folie a Deux” may be a classic case of what can go wrong when experimenting with comic book movies. Hollywood wants to extend the life of the genre after two decades of blockbusters that made money. The 3 Deadpool movies were successful by taking a comedic route. But that was not the case here. While the Joker sequel retains the dark mood of the original, it calls for a musical interpretation with Lady Gaga as the Joker’s love interest and partner-in-crime.

Hollywood can hardly afford to repeat itself. Ticket sales are already down 11% compared to the same period last year. The industry is hoping that “Wicked” along with upcoming sequels for “Gladiator,” “Moana,” “The Lion King” and “Lord of the Rings” can salvage this year’s box office.

That will do for your daily briefing. From the New York Stock Exchange, this is Conway Gittens with TheStreet.

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